Very informative and I finally know how the personal tax credit is calculated in Canada, which unlike my original country in which it is to deduct the allowance amount from the income in the first place before calculating tax.

Love your content!!

Great! Thanks!

Would love to hear more about tax brackets and categories inside a holdco! Thanks for all the great info. Best videos out there.

@AffinityLife

Жыл бұрын

Thank you so much for your kind words! Here's the video on corporate taxation. kzread.info/dash/bejne/hKaij5SxeLWXeZc.html

thanks for this video, i really found it helpful

@AffinityLife

Жыл бұрын

Appreciate your kind words 🙏

Thank you so much for this video. Now it's much clearer for me.

@AffinityLife

4 ай бұрын

Appreciate your kind words!!!

I truly enjoy your videos. I'm gonna watch your corp. one too. Please add holdco and also trust (although because of various kinds of trusts this can get very complicated) taxation. I asked couple questions for previous videos. Not sure where to look for answers since I forgot which videos I asked the questions. BRAVO! I wish you put an independent MGA I could join.

@AffinityLife

Жыл бұрын

Ah you're very kind my friend. I don't have many videos on KZread with that level of depth but I did put a curriculum together that is very comprehensive going over taxation and other various things for advisors. Shoot me an email for more info - philip@affinitylife.ca

Clear and concise

@AffinityLife

10 ай бұрын

Thank you!

Thanks for the video, still trying to wrap my head around it. For the provincial and federal tax exemption (21k and 15k), they are always calculated in the lower tax bracket (2.1k and 2.25k) in what case this amounts will go higher??

Keep going sir🎉

@AffinityLife

Жыл бұрын

Thank you brother 🙏🙏🙏

Sir give me the video for corporate tax one please

So if i work FIFO in Nunavut, i pay provincial tax for Nunavut, correct?

Thank you for this video. I am struggling to understand how the marginal tax rate is calculated based on your example without using the tool as I really need to understand the manual formula used to understand the principle. From you video, it was clear how the average is derived, but for marginal, both Federal and Provincial brackets are in play with different brackets to come up with a merget single marginal rate.

@AffinityLife

3 ай бұрын

That's a really great question!! There is no single marginal tax rate as both the provincial and federal rates have completely different income bands. Hope that helps!

I dont unferstand, on cra ut says your tax exemption ao that first 21k you dont pay tax. But t downst make sense becaue you still pay tax on it ?

If I earn around 60 thousand in QC Canada how much I need to pay tax federal and provincial

Could I get your video about corporate taxes please

@AffinityLife

10 ай бұрын

Sure, here you go! kzread.info/dash/bejne/hKaij5SxeLWXeZc.htmlsi=v9cnEFhKPxTVMwxs

if you have full time + a part time job, shall I use combined income to figure tax bracket or sperately?

@AffinityLife

27 күн бұрын

You would combine all your income together!

So the 20% for the second federal bucket doesn't count as an exemption

how to calculate tax rate from GIC income 2023?

@AffinityLife

Жыл бұрын

GIC is just interest so you would just add whatever you made from your GIC to your overall income for the year.

See what provinces charge the most income tax - kzread.info/dash/bejne/pWSYksqmhdGaoLQ.html

So any salaried Canadian can apply the Basic Personal Amounts? Sure would be nice if the CRA website could consolidate all this information for normal people instead of being an obtuse, labrynthine clusterf#$k. Anyway, thank you.

@AffinityLife

8 ай бұрын

Lol.... Yes you can. I'm glad I could help. 😅

@Hermiel

8 ай бұрын

​@@AffinityLife Also, for anyone smashing their head on their monitors right now, the Ontario Basic Personal Amount, unlike the federal amount, is not posted on any government websute that I found. After an hour of searchingI discovered it published in a document under this name: T4032-ON, Payroll Deductions Tables - CPP, EI, and income tax deductions - Ontario The other provinces have similar documents. The page hosting the various links can be found by searching for "T4032 Payroll Deductions Tables".

Corporate Tax

Corporate taxation!

Don’t say bucket, we have no idea what you mean

@AffinityLife

Ай бұрын

What word would you use as an analogy?